Bitcoin’s Biggest Plunge Since March Shakes Faith in Crypto Boom

“It was a parabolic move,” said Matt Maley, chief market strategist at Miller Tabak + Co. “What happens with all parabolic moves? You see severe corrections.”

While Maley sees Bitcoin moving much higher over the long term, it will still experience severe corrections along the way, he said.

“It will still have big declines of anywhere from 30-60%,” he said. “And it’s going to happen more than once.”